Time and Place Commercial has acquired another major industrial development site, this time in Truganina, about 22 kilometres west of the Melbourne CBD.
The diversified builder and investor is paying $28.6 million for the 16.7 hectare block at 151 Leakes Road.
Time and Place Commercial director Chris O’Keefe – who joined the company via a career with Dexus, Stockland and Walker Corporation – told realestatesource.com.au “the acquisition of this Truganina site forms an important part of Time and Place Commercial’s strategy in the industrial space”.
“Industrial has been a strong focus for us over the past 12 – 18 months as it continues to perform where other pockets of the market have been patchy.
“We see Melbourne’s inner-west as the perfect place to develop industrial product given its proximity to the port and its connectivity to the CBD,” Mr O’Keefe said.
“By developing in the area, our aim is to create space not only for large logistical operations, but also for smaller owner occupiers”.
Last March, Time and Place Commercial paid dairy company Bulla $19 million for a 23 hectare block at 16-36 Dohertys Road, Laverton North – 18 kilometres west of town.
This site is now being marketed as an industrial park, The Junction, with subdivided sites for sale between 1025 sqm and 1.5 hectares (story continues below).
Nine months ago, we reported that Time and Place Commercial paid CostaFox $20 million for a 9.7 hectare industrial development site at 415 Cooper Street, Epping, which is also expected to be subdivided and sold down to smaller developers, investors and owner occupiers.
CostaFox paid $9.5 million for the Epping site two years earlier.
A couple of years ago, Time and Place acquired a Williamstown North industrial development site from Exxon, which it is also selling down following a subdivision.
Coincidentally, JLL sold Time and Place the Laverton North, Epping and Williamstown North blocks.
The Truganina land also lends itself to a staged subdivision.
Time and Place was established in 2015 by private investor Tim Price. In East Melbourne, the developer is proposing an office with joint venture partner, Golden Age.
Elsewhere in Truganina recently:
- Dexus signed lease deals with Coles, Dunlop and Secon for nearly 50,000 sqm at its Foundation estate;
- General Pants Co signed a seven year lease for 5767 sqm at the Drystone Industrial Estate, which is co-owned by Charter Hall and Commercial and Investment Property;
- Amart Furniture committed to a 48,770sqm distribution centre at Goodman’s Connectwest Industrial Estate in April. A month later, Goodman sold this asset to LOGOS for a speculated $65 million;
- Netherlands-based Vida XL doubled its occupancy at Frasers Property Australia’s Maker Place. Vida XL will now occupy about 30,000 sqm after initially committing to half that amount last May;
- Dunlop Flooring committed to a 9100 sqm warehouse on Dohertys Road, owned by Dexus;
- Lend Lease, via its Australian Prime Property Fund, paid Goodman $86.9 million for a portfolio of three industrial investments including 13E-13G in the Westside Industrial Estate. The Truganina asset on the corner of Leakes and Palmers roads was valued at $21.5 million.
Last month, Knight Frank released a research paper – Pushing the Button – Eastern Seaboard Industrial Development – which reported that Melbourne’s west is leading the country in regard to speculative warehouse building.